Financial Sector Executives as Targets for Money Laundering Liability

69 Pages Posted: 27 Jul 2015 Last revised: 16 Dec 2016

See all articles by Jeffrey R. Boles

Jeffrey R. Boles

Temple University - Department of Legal Studies in Business

Date Written: July 26, 2015

Abstract

This article explores the merits of government initiatives that assign personal liability for money laundering violations committed by institutions in the financial sector. In it I argue that the current set of personal liability initiatives proposed in Congress and endorsed by federal agencies contain problematic features that conflict with corporate governance principles, raise troubling ethical issues, and could bring harmful effects to the financial services sector with reverberations beyond the industry. I suggest an alternate approach for bringing personal liability to the industry that avoids these challenges.

Keywords: money laundering, corporate governance, white collar crime, criminal law

JEL Classification: K14

Suggested Citation

Boles, Jeffrey R., Financial Sector Executives as Targets for Money Laundering Liability (July 26, 2015). American Business Law Journal, Vol. 52, No. 3, 2015; Fox School of Business Research Paper No. 15-062. Available at SSRN: https://ssrn.com/abstract=2636071

Jeffrey R. Boles (Contact Author)

Temple University - Department of Legal Studies in Business ( email )

Philadelphia, PA 19122
United States

HOME PAGE: http://www.fox.temple.edu/mcm_people/dr-jeffrey-boles/

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